Toncoin [TON] has made a significant impact in the cryptocurrency sphere, expanding its holder base from 4.3 million in early 2024 to an impressive 100 million at present. This rapid rise in holders has been accompanied by a corresponding surge in trading volume, indicating strong market interest.
As of the latest update, TON was priced at $5.18, showing a slight decrease of 0.25% in the last 24 hours. The key question now is whether TON can maintain this momentum and move towards higher price levels.
TON technical analysis: Anticipating a rally?
An analysis of TON’s technical indicators reveals that the Relative Strength Index (RSI) currently stands at 45.18, indicating that the market is slightly below the neutral zone. This suggests a minor oversold situation, hinting at a possible uptrend in the near future.
On the other hand, the Moving Average Convergence Divergence (MACD) shows a subtle bearish signal, with the histogram positioned just under zero, showing minimal momentum in either direction.
This situation has traders on alert for a breakout signal to determine the next move for TON.
TON network activity: Temporary setback or sustained growth?
The number of daily active addresses offers valuable insight into the health of TON’s network. Currently, there are 174 active addresses, a decrease from the previous day’s count of 188. This slight decline might indicate a brief cooldown period.
Nevertheless, with the substantial growth in long-term holders, the overall network expansion appears robust. Moreover, the influx of new users indicates strong adoption levels, even with fluctuations in short-term activity.
Long/short ratio: Possible trigger for a rebound in bearish sentiment
An intriguing development is the updated long/short ratio, which now shows a more balanced sentiment. Presently, 53.45% of traders have short positions, while 46.55% hold long positions. This results in a long/short ratio of 0.8709, indicating a slight advantage for bears.
However, the gap between the two positions has narrowed compared to previous periods.
This equilibrium implies that the market could witness volatility in either direction. Hence, traders should be ready for sudden price fluctuations as the balance between bullish and bearish sentiments tightens.
Open interest: Increased speculation driving potential volatility
The open interest has seen a rise of 1.02%, with $232.72 million now invested in TON futures. This uptick signals growing speculation as traders take leveraged positions, expecting further price movements.
As volatility increases, the market may encounter sudden and significant shifts.
TON appears poised for another breakthrough. Despite some short-term bearish signals from technical indicators, the continuous growth in holders and escalating speculation point towards a sustained upward trajectory.
If TON manages to surpass its resistance levels, a substantial rally could ensue.